Narev defends CBA’s rising profits

Commonwealth Bank chief executive has denied that the bank is making a “super profit” at the expense of its customers, arguing its strong share price directly benefits many Australians.
Photo: Bloomberg

“The fact is, on the mining tax the most ambitious plans said they would raise $2 billion, and in this half we’ve just announced we are paying $1.5 billion to the Commonwealth," Mr Narev told ABC Radio on Thursday morning.

“We’re making a very significant contribution to Australia’s tax take."

Mr Narev also denied the bank was making a “super profit" at the expense of its customers, arguing that its strong share price directly benefits many Australians.

“I think if you speak to 800,000 Australians who own our shares and the millions more who own them through pension funds, they would say that the 24th largest return on equity is by no means a super profit."